Collecting a note

I'm trying to collect the money from the buyer that bought my store a year ago. I have a note that he's suppose to pay me back the security deposit that I paid the landlord of the store he bought. The contract said it's payable after a year of the sale. Now he is telling me he can't pay because business is not good and is selling it also. He said he's in the brink of bankcruptcy and i can sue him or work a payment schedule. I agreed to work with him but when i asked him to give me his payment plan, he is no giving me definite answer. He said he'll try next week. I also told him that about the late charges fee not was in our contract. He accused me of unfair and will not pay the late fee. Shall I just sue him or send to collection agency. He is hard to deal with. From the beginning when we negotiate the sale of the business, he's been manipulative. please advise. - Is this your question? Add additional information